Biodiversity Fund

Subject – Environment

Context – China launches biodiversity fund

Concept –

China pledged to inject $233 million into a new fund to protect biodiversity in developing countries during a key UN conservation summit, despite disagreements among major donors on the initiative.
Beijing — the world’s biggest polluter — has sought to play a more prominent role internationally on biodiversity conservation in recent years.
Its pledge came as delegates from about 195 countries gathered in the southern Chinese city of Kunming for the first of a two-part summit on safeguarding plants, animals and ecosystems.
The summit aims to establish a new accord setting out targets for 2030 and 2050.
China will take the lead in establishing the Kunming biodiversity fund with a capital contribution of 1.5 billion yuan ($233 million) to support the cause of biodiversity conservation in developing countries.
A key proposal being debated at the conference is the “30 by 30” agenda that would afford 30% of the Earth’s land and oceans protected status by 2030.
But some rich country donors say a new fund for conservation is unnecessary because the United Nations’ Global Environment Facility already helps developing nations finance green projects.

To know about United Nations’ Global Environment Facility, please click here.